Company X sells on a 2/15, net 60, basis. Company Y buys goods with an invoice of $4,500.
a. How much can company Y deduct from the bill if it pays on day 15?
b. How many extra days of credit can company Y receive if it passes up the cash discount?
c. What is the effective annual rate of interest if Y pays on the due date rather than day 15? (Use 365 days in a year. Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)